BLM ran an $8.5 million deficit last year

The Washington Free Beacon recently obtained the latest tax filings for the Black Lives Matter Global Network Foundation, which was co-founded by Patrisse Cullors. Cullors had left the organization two years ago amidst negative publicity surrounding her extravagant house purchases, both on a personal and institutional level. Despite her departure, it appears that BLM is still facing financial difficulties, as it ran a deficit of $8.5 million last year.

According to financial disclosures, the Black Lives Matter Global Network Foundation experienced an $8.5 million deficit and witnessed a nearly $10 million decline in the value of its investment accounts in the most recent tax year. The organization also reported a loss of $961,000 on a securities sale worth $172,000, indicating an alarming 85 percent loss on the transaction.

In its 2022 fiscal year, BLM managed to raise only $9.3 million, which represents an 88 percent decrease from the previous year's fundraising efforts. In February 2022, the group was compelled to cease its online fundraising streams due to compliance and transparency issues in several liberal states. It is worth noting that BLM has already utilized approximately two-thirds of the $90 million it raised in the aftermath of George Floyd's death in 2020.

In essence, BLM's fundraising efforts yielded approximately $8.5 million last year, while their expenditures amounted to $17 million. Consequently, their net assets decreased from $41 million to $30 million. The question arises: where did all this money go? It appears that a significant portion of the funds went towards benefiting Patrisse Cullors' friends and family.

One notable beneficiary was Cullors' brother, Paul Cullors, who received substantial financial gains. Despite lacking experience as a bodyguard, Paul Cullors and his two companies accumulated $1.6 million by providing "professional security services" for Black Lives Matter in 2022. Additionally, he served as one of BLM's two paid employees during the year, earning a $126,000 salary as the "head of security" in addition to consulting fees.

Shalomyah Bowers, a board member of Black Lives Matter and a close friend of Cullors, also profited significantly during the charity's 2022 tax year. Bowers' company, Bowers Consulting, received $1.7 million from Black Lives Matter for management and consulting services.

It is important to note that this information may be outdated, as a new nonprofit organization has been handling the group's finances for approximately a year now. The current board is led by nonprofit adviser Cicley Gay, who has filed for Chapter 7 bankruptcy three times since 2005. Gay was previously ordered by a court to attend financial management lessons and had accumulated over $120,000 in unpaid debt at the time of her appointment in April 2022.

The board was reshuffled, and Gay was described as the chair of the board, according to a tweet from the organization. However, upon reviewing the Black Lives Matter Global Network Foundation website, it appears that the site has not been updated for about four months. Furthermore, the former sister organization, BLM Grassroots, released a press statement yesterday stating that they have not been affiliated with BLMGNF for a year.

In the past, Black Lives Matter Grassroots worked as a sister organization alongside GNF. Grassroots focused on frontline organizing and public representation of the #BlackLivesMatter movement, while GNF handled the receipt and distribution of funds. Last year, Black Lives Matter Grassroots filed a lawsuit against GNF, alleging that individuals who had seized control of the donated assets meant for the movement. Grassroots claimed that they were denied access to their social media platforms, which had millions of followers and were crucial for disseminating vital information.

The declining donations to GNF further indicate that donors are more inclined to support the actual work rather than funding high-priced consultants. Black Lives Matter Grassroots finds itself engaged in a battle for the essence of the Black Lives Matter movement.

As annual fundraising continues to decline and expensive consultants associated with Patrisse Cullors persist in draining the organization's resources, it seems that these two groups will continue to clash. Just three years ago, they managed to raise $90 million, but now their funds have dwindled to $30 million. One can't help but wonder what tangible achievements have been made with all that money aside from the acquisition of a few extravagant properties.